Portugal's Golden Visa (Autorização de Residência para Atividade de Investimento, ARI) is a residence-by-investment program that lets non-EU/EEA/Swiss nationals obtain a Portuguese residence permit through qualifying capital investments. Launched in October 2012, it became one of Europe's most popular residence-by-investment programs. Reforms in October 2023 removed direct real estate acquisition and large capital transfers as eligible routes, while keeping investment fund subscriptions, business and job creation, scientific research contributions, and cultural heritage support. The program is administered by AIMA and offers one of Europe's lowest physical presence requirements (7-14 days per year) alongside a path to EU citizenship.
Since the October 2023 reforms, the following investment routes remain eligible:
All investment amounts are reduced by 20% for investments in designated low-density territories (population density below 100 inhabitants/km2 or GDP per capita below 75% of the national average).
The initial residence permit is valid for 2 years, renewable for successive 2-year periods upon proof that the qualifying investment has been maintained. Minimum physical presence is 7 days in the first year and 14 days in each subsequent 2-year period. After 5 years, holders may apply for permanent residency.
Golden Visa holders can build toward Portuguese (and therefore EU) citizenship through continuous legal residence. Under the Nationality Law reform now in force (Lei Orgânica n.º 1/2026, effective 19 May 2026), naturalization generally requires 10 years of residence, reduced to 7 years for citizens of Portuguese-speaking countries and EU member states (and 4 years for stateless persons). The qualifying period is now counted from the issuance of the first residence card rather than from the date the citizenship application is filed. Applicants must also show A2-level Portuguese, a clean criminal record, and knowledge of Portuguese culture, history, fundamental rights and duties, and the organization of the state. Citizenship applications already pending on 19 May 2026 remain under the previous 5-year regime.
Spouses or civil partners, dependent minor children, dependent adult children who are full-time students, and financially dependent parents (parents under 65 must demonstrate financial dependence) are eligible for family reunification. Each family member pays the full processing and issuance fees. Family reunification applications can be submitted at the same time as the main applicant's, and family members are equally eligible for permanent residency and citizenship.
Holding a Golden Visa does not automatically create tax residency. Tax residency arises only if the holder spends 183+ days in Portugal in a calendar year or maintains a habitual residence. Residents who were not Portuguese tax residents in the preceding 5 years may apply for the IFICI regime (formerly NHR), providing a 20% flat rate on qualifying Portuguese-source income and exemption on most foreign-source income for 10 years. Non-residents are not taxed on worldwide income.
The process begins with obtaining a Portuguese NIF, opening a bank account, and making the qualifying investment. Applications are submitted online through the ARI Portal (ari.sef.pt), with all required documents uploaded digitally. AIMA reviews applications and schedules biometric appointments automatically based on the chronological order of document uploads. Renewals are handled exclusively through the online Portal das Renovações. As of 2026, fees are EUR 842.80 for application reception and analysis, EUR 8,418.90 for residence permit issuance, and EUR 4,210.30 for renewal (each per person). Processing remains lengthy due to significant AIMA backlogs.